Telecom Italia S.P.A. (TI)

One of the most important tools for the management and operational integration of the Group is the Group Committee System, which aims at:

·

monitoring the implementation of strategies and the development of plans and results;

·

ensuring the overall coordination of business actions and management of relative cross-over business issues; and

·

building-up the necessary operating synergies between the various functions involved in the technological, business and support processes.

The Group Committee System is currently under review. As of May 7, 2008, the following
committees were operating:

·

Risk Management Committee of the Group, responsible for the identification, assessment and management of the risks of the Group as well as the policy regarding IT
security and information, coordinating preventive action plans designed to ensure the operating continuity of the business and monitoring the effectiveness of the countermeasures adopted;

·

IT Governance Committee of the Group, responsible for establishing the guidelines for the information strategies of the Group, guides IT strategic decisions and
investments consistently with business needs, monitors progress on the most important IT projects and monitors quality of solutions and cost effectiveness;

·

Security Committee of the Group, responsible for the integrated coordination of security and crisis management activities of the Group, monitoring the
progress on major projects and effectiveness of the solutions adopted;

·

Steering Committee of the Group for Relations with Telefónica which aims to meet the following objectives:



identify areas and business activities suitable for possible business synergies between the two groups;



design consequent plans for execution; and

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control compliance with national and international laws, with regulations or orders of public authorities and with rules of self-regulation.

·

Group Quality Governance Committee, responsible for:

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directing and supervising initiatives and activities geared to the end-to-end improvement of the quality of the operating processes;

monitoring the results of the quality obtained and also analyzing them according to the quality requisites required by our regulatory authorities, as well as the most
important or recurring customer complaints andgenerallyfeedback from all the stakeholders; and

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supervising the process for the creation, quality certification and launch of new products and services offered to the customerin particular those with a greater
impact in terms of image and competitive market positioningwith the specific operating responsibilities of the technical structures and the businesses involved remaining unchanged.

·

Steering Committeeof the Group for the Coordination of the Purchase of Editorial Content, responsible for coordinating and harmonizing the purchase of
editorial content for all platforms of the Group.

In particular, as of December 31, 2006, the Committee System of the Group included:

·

the Management Committee, which coordinated the Groups activities and ensured a unitary approach to the development and implementation of business strategies;

·

the Investments Committee, which was entrusted with approving investments that exceeded specific delegated limits;

·

the Business Reviews Committee for Operations, Media and Olivetti which, for each business segment, analyzed forecasts, results and operating progress and examined
the progress made on the most important projects and action plans;

·

the Technological Innovation Committee, which ensured an integrate d approach to innovation and technological development processes;

·

the IT Governance Committee, which defined the guidelines for the information strategies of the Group, guided IT strategic decisions and investments consistently
with business needs, monitored progress on the most important IT projects, the quality of solutions and cost effectiveness; and

·

the Risk Management Committee, which ensured the identification, the assessment and the management of risks of the Group, coordinating preventive action plans
designed to ensure the operating continuity of the business.

To date, as a result of the new organizational structure, the Committee System of the Group is under re-examination and renewal.

One of the most important tools for the management and the operational integration of the Group is the Committee System which
has recently been revised with the aim of:



monitoring the implementation of strategies and the development of plans and results;



ensuring the overall coordination of business actions and the management of the relative cross-over business issues;



building up the necessary operating synergies between the various functions involved in the technological, business and support processes; and



supporting the integrated development of the innovation processes of the Group.

In particular, the new Committee System of the Group includes:

·

the Management Committee, which coordinates the Groups activities and ensures a unified approach to the development and implementation of business strategies;

·

the Investments Committee, which is entrusted with approving investments that exceed specific delegated limits;

·

the Business Reviews Committee for Operations, Media and Olivetti, which, for each business segment, analyzes forecasts, results and operating progress and examines
the advances made on the most important projects and action plans;

·

the Technological Committee, which ensures an integrated approach to innovation and technological development processes;

·

the IT Governance Committee, which defines the guidelines for the information strategies of the Group, addresses IT strategic decisions and investments consistently
with business needs, monitors progress on the most important IT projects, the quality of solutions and cost effectiveness;

·

the IT Risk Management Committee, which ensures the global administration of IT risk at the Group level.